Africa Roundtable brings climate projects and financing entities under one roof: Mohieldin

Ahram Online , Friday 5 Aug 2022

Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt, said the first major regional roundtable for financing climate action has removed barriers between all climate actors, bringing them under one roof.

Mohieldin

 

During the closing session of the Africa Roundtable titled ‘Towards COP27: Africa Regional Forum on Climate Initiatives to Finance Climate Action,’ which took place in Addis Ababa from 2-4 August, Mohieldin said that the forum addressed investment in different areas of climate action, and stressed the importance of balancing investments in mitigation and adaptation measures.

"We will build on the success of the Africa Roundtable in the next four regional forums that will take place in August and September," he said.

The forum is one of five regional roundtables that Egypt will be holding over the coming two months in its role as president of the 2022 UN Climate Change Conference (COP27) in an unprecedented initiative to catalyse investments in different climate sectors.

Mohieldin said that the African forum’s outcomes added more clarity about climate action financing plans, including new mechanisms to scale up investments in climate projects and reducing the cost of transition to a green and stable global economy.

Mohieldin said that the forum also discussed fulfilling previous COP commitments to finance climate projects, such as the $100 billion pledged at the Copenhagen conference, and the $130 trillion pledged by the GFANZ coalition.

"Projects and plans presented during the forum showed that Africa has its climate solutions, which will be showcased to the world at COP27. It also showed Africa’s readiness to participate effectively in curbing climate change," Mohieldin said.

Mohieldin said that the forum participants confirmed the importance of the participation of all actors to achieve food and water security, smart climate agriculture, land restoration, benefiting from new and renewable energy sources and investing in a green economy in a way that helps save African livelihoods and increase resilience.

Bangkok will host the second roundtable on 25 August for the Asia-Pacific region, while Santiago will host the third roundtable on 1-2 September for Latin America and the Caribbean.

Beirut will host the Arab world roundtable on 15 September, while Geneva will host the last roundtable on 20 September for Europe.

The outcomes of the five meetings will be announced during COP27, slated to be held 7-18 November in Sharm El-Sheikh.

Egypt and the African Union are seeking to develop a unified vision for energy transformation in the continent ahead of COP27.

Egyptian Foreign Minister Sameh Shoukry, the president-designate of COP27, has said that Egypt will speak up for Africa's aspirations to cope with climate change during the conference.

Hopes are pinned on COP27 to turn climate-related pledges into action to help facilitate the move to green energy in order to reduce harmful gas emissions and adapt to climate change as per the Paris Agreement.

The Paris Agreement – adopted at COP21 and signed by over 190 states including Egypt – came into effect in 2016 with the aim of limiting the rise in temperature to 1.5 degrees Celsius.

Climate finance has been debated at every COP meeting since, as developed countries have failed to meet their promise to mobilise $100 billion annually by 2020 to help developing nations with mitigation and adaptation measures.

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